En­ergean to in­vest $50 mln in off­shore field

Kathimerini English - - Focus -

Greece’s sole oil pro­ducer En­ergean Oil & Gas will in­vest $50 mil­lion to de­velop a proven off­shore oil and gas field in west­ern Greece, the third field it will ex­ploit in the coun­try, it said yes­ter­day. En­ergean, 45 per­cent-owned by hedge fund Third Point, has two oil fields in the Pri­nos Basin off the north­ern Aegean is­land of Tha­sos. It aims to in­crease its out­put to 10,000 bar­rels per day by 2018 from 5,000 bar­rels per day now, with an on­go­ing $200 mil­lion in­vest­ment pro­gram. En­ergean said yes­ter­day it had agreed with the Energy Min­istry to turn an ex­plo­ration li­cense for the West Katakolo field, off the coast of the Pelo­pon­nese, into a 25-year de­vel­op­ment li­cense with im-

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